The Consumption Multiplier of Government Spending : The Role of Substitutability between Government Spending and Leisure

Material type: 文書・図像類

Author: Eguchi, Masatakaほか

Publisher: The Institute of Social and Economic Research, Osaka University

Publication date: 2023-08

Material Format: Paper

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Note (General)：: It has been empirically observed that consumption responds positively to government spending shock, however, existing models with intertemporally-opti...

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Paper

Material Type: 文書・図像類
Title: The Consumption Multiplier of Government Spending : The Role of Substitutability between Government Spending and Leisure
Author/Editor: Eguchi, Masataka
Hosoya, Yuhki
Yamada, Mai
Author Heading: Eguchi, Masataka
https://nrid.nii.ac.jp/nrid/1000040600507
Hosoya, Yuhki
https://nrid.nii.ac.jp/nrid/1000030383954
Yamada, Mai
https://nrid.nii.ac.jp/nrid/1000070757450
Publication, Distribution, etc.: The Institute of Social and Economic Research, Osaka University
Publication Date: 2023-08
Publication Date (W3CDTF): 2023-08
Periodical title: Institute of Social and Economic Research Discussion Papers
No. or year of volume/issue: 1211
Volume: 1211
Pages: 1-18
ISSN (Periodical Title): PISSN : 0473453X
EISSN : 24350982
Text Language Code: eng
Subject Heading: Fiscal multiplier
Non-separable preferences
Substitutability
Target Audience: 一般
Note (General): It has been empirically observed that consumption responds positively to government spending shock, however, existing models with intertemporally-optimizing households do not easily reconcile this stylized fact. This paper aims to address this discrepancy between models and data, focusing on the non-separable preferences with respect to consumption, leisure, and government spending. We derive conditions for a positive consumption multiplier under the general utility function and find that consumption can respond positively when leisure and government spending are substitutes. Examples of government spending that would have such an effect include care for children and the elderly, education spending, highway and public transportation.
References (URI): URI
https://www.iser.osaka-u.ac.jp/library/dp/2023/DP1211.pdf
Data Provider (Database): 国立情報学研究所 : 学術機関リポジトリデータベース（IRDB）（機関リポジトリ）
https://irdb.nii.ac.jp
Original Data Provider (Database): 大阪大学 : 大阪大学学術情報庫　桜華